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taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
a bank at tax plan. now the risks of bank runs and bank collapses mount in this tiny country. we are about to bring you live report from cyprus. but cyprus may have an ace in the hole. it's called russia. the parliament is going hat in hand to russia to save its financial system in return for ownership of its natural gas resources. so do i have this right? the russian money-laundering thugs can save cyprus and maybe europe and maybe the global financial markets as well? it's a very scary thought. however, here at home, american business leaders speaking in one voice in a new campaign to push pro growth corporate tax reform. i like it. the polls show it. there's too much talk about root canal, dent and budge cutting. we need growth, we need optimism. we need "the kudlow report." it begins right now. >>> first up this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parli
on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not beca
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
now, speaking of cyprus, the idea of confiscating people's income after already been taxed sent a chill far beyond cypress. could that happen here? that is question we ask steve forbes, fox chairman and editor-in-chief. he has thoughts on that you don't want to miss coming up on the "countdown to the closing bell" -- "after the bell" [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪
, frankly, stop taxes, stop regulations, fewer lawsuits, let's help get small business out of the hole they are in, and it's just a classic example of how very little most of our elected officials understand how a business, a small business is run in america. that's just too bad. neil: all right. we'll watch closely. thank you, all, for your help today. we'll keep a close eye on all the developments and the president's trip and whether this economy is going to go up. tomorrow, a lookat numbers you don't really quite see all the . melissa: i'm melissa francis and here's what's "money" tonight of the as we speak setting themselves up for a run on the bank. cypriot banks closed until next tuesday. people are scrambling to get as much as they can from atms. should you be worried about your money in the bank right now? we'll we'll find out from today's power panel. plus billionaire's take on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now.
hear how much the $338 million jackpot breaks down after they pay taxes. "fox & friends" starts now. >>steve: welcome back to the studio. look who's back after a long vacation. >>gretchen: i knew that rooster called this morning. >>brian: is that how you got up? >>gretchen: i didn't sleep that much. i'm on a three-hour time delay. but glad to be back. nice to come back to a snowstorm on the east coast. >>brian: did you get my promo this morning? >>gretchen: i saw your lips moving and if i was reading lips correctly, i thought i heard you say? >>brian: gretchen carlson will debut her entire vacation picture by picture day by day. >>gretchen: i believe 7:30 eastern time i brought one picture. i needed marlon perkins on vacation. that's the clue. >>steve: he's unavailable. >>gretchen: i was pulling a brian for a moment. he always refers he needs marlon perkins and then we have to tell him he's no longer with us. it has to do with an animal that was very dangerous. stay tuned. great to be back. in the meantime let's get to your headlines. a last-minute deal to bail out cyprus. in exchan
to be? the monopoly man smoking a cigar? let's take a look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to r
with the plan to tax the bank accounts over there in cyprus. they are going to take a big hit. what might the russians do in response? you might not want to know. >> now, it was one of the hottest real estate markets in the united states and then one of the coldest. once again, it is hot. there is no room at the end or the condo. sue, doesn't miami sound pretty good right about now? >> it sounds so good right now. it's raining again in new york city. you mentioned at the top of the show, cyprus moving the markets up and down. new headlines from cyprus forced a selloff on wall street. we have recovered some of the those losses. we are still down 39 points, though. parliament is meeting now. bertha coombs is monitoring that from the breaking news desk. hi, bertha. >> they have been in session for about an hour now. they are expected to go at least another hour. here are the headlines as we've had them this morning. they are debating this bailout proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a one-day postpone meant on the vote because at
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle white pe
. if tomorrow you wake up and you find there is a 10% tax on your bank deposits, you will not be happy. if you're a politician in cyprus you're dealing with this and they're bank backing away from it. it was a bad idea in the first place. cyprus needs $10 billion from the european union and the european central bank and they have given others like greece hundreds of billions of dollars. so they're upset. the cypriot banks are insolvent. they're going, they will get a run. melissa: they are insolvent and they will get a run, yeah. >> but it's not cyprus's fault in my view. melissa: doesn't matter whose fault it is if it happens. julia, what is the outcome? what is the domino effect? which if there is a run on the banks there which there certainly will be, should i withdraw money from my bank here? >> no, i don't think so. the structure of the cypriot problem was quite unique the bank assets in cyprus are something like 730% of the country's gdp. it really is is a safe haven for russian investors. that is why when they needed money, there is always going to be some burden-sharing in a bailout. w
trade that stuff and make money off of it if you buy enough quantity. it is triple tax-free. anything related to california, municipalities, people are buying them. they are buying them at discount and they are trading them. they are clipping the coupons. do they hold them until maturity? maybe not. here is one more, yankee stadium that that was issued to basically build the garage, again, buying with pennies on the dollar. you do not necessarily hold it until maturity. this is a trade. trade detail risk. big risk here. you can make some money. >> i will follow your advice and not go into this market. california, basketcase when it comes to taxes. it seems too low if they are trading at pennies on the dollar. charlie: it is the real distress stuff like this west virginia tobacco bonds. why aren't the tobacco bonds distressed? when you raise taxes, people will not smoke. they will not pay the taxes. as a trade, you can make some money. jon corzine rolled the dice with short term, i it was italian bonds and spanish bonds. his dad turned out money good. people lost confidence in his abil
think we need to regulate, tax and legalize marijuana so the -- that's a huge reason, that's a -- i hi we immediate to -- legalize it, tax it, regulate it. >> this idea about useful but overused. i want to explore that idea. because i think that's been the -- that's sort of the line for a lot of people, christine quinn, said that before. previous communications. called it a useful tactic. should we just ban the tactic? should people not get stopped and frisked? >> i disagree. it is -- policing tactic that's been wildly overused. obviously in many cases using it in unconstitutional manner. look, now you need the reform, the approach, and we need a new police commissioner. this is the difference i have certainly with christine quinn who wants to keep ray kelly, ray kelly has been the architect of the overuse and stop and frisk. we need inspector general. when we have had in new york city, think about magnitude here. hundreds of thousands of more stops a year. there was never a vote on that. never a public debate. >> comes back to, again, the need for a new mayor. and a mayor who understa
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
happened in benghazi because hillary clinton's e-mail has been hacked. >> brian: it's taxes versus entitlements on capitol hill today. republicans and democrats present their budget plans. but which one is better for your wallet? if you like a light wallet, one might be better. if you want within filled with money, one might be better. >> steve: i want the george castanza wallet. tv anchors are supposed to be ready, aren't they? >> we have breaking news to report to you. fox 54 has just learned that a huntsville news anchor is being proposed on live -- right now. (scream). >> brian: that is great. >> steve: oh, man. meet the anchor who got the surprise of her life on live television. >> brian: that is awesome. >> steve: it is. "fox & friends" hour two for tuesday starts right now. that's why you got to be really careful. we're very trusting of the people behind the scenes who put things in the teleprompter. >> what's funny is it took her a second, you know, fox anchor is being proposed -- oh it came out and then she realized. that's what happens with breaking news. >> brian: you se
in response to cypress' plan for a deposit tax. now it seems like we're shrugging off those headlines. now, shares of hewlett-packard and verizon are helping the dow recover some grounds after upgrades from morgan stanley. verizon actually hitting more than an 11.5-year high today. there's the stock, up 87 cents, 48.89, as you can see on your screen. we're not getting any help from financials today. it's the worst performing sector following suit with some of these european banking counterparts. check out some of these euro financial names that are actually trading here in this country. they're getting knocked down. royal bank of scotland, create suisse, deutsche bank, ubs, war clays, all -- barclays, all of these stocks substantially lower in this country. s&p 500, we are still within striking distance of the record high despite moving lower today, the s&p down more than almost five points as you can see on your screen. is it going to happen this week? are we going to get that big number? we're looking for 1565.15. so close. as always. let's get right to our floor show. we've got traders
their taxes as well. we're talking about the thousands of government federal employees dodging the i.r.s. should they be fired? we've got an update on that this morning. >>brian: you think a woman's cheating husband would get the message. after she uses a billboard for revenge. but the best part is how she paid for it. look at that. "fox & friends" starts right gnaw. >>steve: welcome to march madness live here on the "fox & friends" set. >>alisyn: good to be with you all. >>steve: the president is out of the country, 50-hour sprint in israel. we have a situation where a lot of you are saying it is so cold here, i can't wait for vacation. we have a great segment in about 20 minutes. we have the founders and c.e.o. of 14 sandals, three beaches. wouldn't they like to see alisoe just as a token. we might have a beaches bureau. >>alisyn: let's do it. i volunteer. let's talk about the middle east. the president is making his first trip to israel since becoming president and there's a lot of tension, including this attack with rockets fired across the border. >>steve: indeed. somewhere in g
billion. >>> a new report shows three of the four companies paying the most in corporate income tax are based out here in the bay area. fourth on the list is wells fargo which paid did the 9.1 billion in income tax. apple ranked third, paying more than 14 billion and chevron in san ramon paid $20 billion in income tax last year. that puts it second overall, the biggest rival of texas topped the list and paid $31 billion. >>> the chp investigates whether reckless driving may have led to last night's fiery crash in walnut creek that killed a motorcyclist. it happened on 680 south of rudgear road around 6:00 p.m. the crash involved four cars, one of which burst into flames. witnesses say the motorcycle and another vehicle appear to be driving recklessly before that crash. services are scheduled today for the three people killed in a daly city crash earlier this month. a viewing is scheduled for 50- year-old yosefa acevado and her 23 and 15-year-old sons. funeral services are scheduled tomorrow. police say the family was pulling out of their driveway when their car was hit by 23- year-o
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
, younger people to have the bulk of their payroll taxes go in their own personal accounts so sensible rules and diversification, as you get older more in short-term so you don't have to worry about stock market crashes. three counties in texas pulled out of social security, in the early 1980s. they didn't put a penny in the stock market. those folks today retiring with 50% to 200% more benefits than they would ha had with social security. when it comes to investing mutual funds, sound insurers and the trust i'll trust that over what washington does. >> and rgan, that gives people a choice. shouldn't we have a choice. it's our money, right? >> i love that idea and i'm all for the concept of a choice which is why i do think we should be reforming social security but i don'ts think we should be scrapping it. >> what about the choice issue? shouldn't we have a choice? it's our money, supposed to be a trust fund sort of like a savings account. obviously it's not. >> in a perfect world i completely agree there should be a choice. but i'm serious what i've been saying, david. we've got to see that
that gets me more charged up what they did with taxes and incremental other stuff they've added in. and closed the banks down and we did that in the depression, by the way. they've added a whole bunch of other-- we're already paying, if you don't think we're at the point in the united states where we'll have withholding on capital gains, proposed. it's hittings rightnow. >> brenda: john, what do you think? >> i disagree with kicking the can, but i agree with gary and toby we're fine right now and your money is safe in american banks for now. you can't keep interest rates low for a long time. look what the pain has done, a not of internal savings has something to do with that and we can keep passing the buck on our debt further down the road. eventually we'll have to come to grips with that, but it's going to be a long ways out. >> brenda: really that long, jonas? >> i wouldn't say we're up-- first of all, you probably have some of your money in foreign funds and 401(k)'s, and this is dragging on emerging markets, the russian markets, it's exposed and down a lot relatively thinking.
paying the most in corporate income tax are based out here in the bay area. fourth on the list is wells fargo which paid did the 9.1 billion in income tax. apple ranked third, paying more than 14 billion and chevron in san ramon paid $20 billion in income tax last year. that puts it second overall, the biggest rival of texas topped the list and paid $31 billion. >>> the chp investigates whether reckless driving may have led to last night's fiery crash in walnut creek that killed a motorcyclist. it happened on 680 south of rudgear road around 6:00 p.m. the crash involved four cars, one of which burst into flames. witnesses say the motorcycle and another vehicle appear to be driving recklessly before that crash. services are scheduled today for the three people killed in a daly city crash earlier this month. a viewing is scheduled for 50- year-old yosefa acevado and her 23 and 15-year-old sons. funeral services are scheduled tomorrow. police say the family was pulling out of their driveway when their car was hit by 23- year-old dennis macedo. po
going to go back to the original plan of taxing deposits. i am toll that's not going to be submitted to the troika. that may be the pipe dream of some in parliament. ladies and gentlemen, back to you. >> thanks, michelle. i was looking at the european bourses and i mean, if they can't sell off on this, and it's on -- you know, it's 0.2% of their economy and, you know, we're worried about whether there's any ripple all the way over to us. >> it may want be an instant market reaction, though. it may be something that's more of a concern about whether there would be other countries that step out of the eu. >> don't you think the markets could anticipate whether there would be further trouble or not? >> i don't know. i think this is -- >> we would be seeing it if it was really -- if they he can't sell off in europe, we shouldn't be looking at it at all for our markets here. >> no. michelle, what's that? >> i know you're over there, but you don't care. >> the one ripple effect i can think of is -- the one ripple effect i can think of is that if when they wind down this bank, there's some
this morning, the first in four years and this 2014 plan calls for a trillion dollars in tax increases over the next decade. no republicans voted for that bill and four democrats voted against it and goes to the house where it's expected to be shot down. senators recently voted on a proposal passed by the republican-controlled house. they are under orders to trim hundreds of millions from their budget so the federal aviation administration plans to close 149 air traffic control facilities at smaller airports across the country forcing pilots to coordinate takeoffs and landings themselves over shared free kwnssy. they're treming for the rest of this fiscal year. i'm jamie colby, now, back to bulls and bears here on the fox news channel. have a great day. >> brenda: get weighed or be prepared to pay. a pharmacy giant. cvs is requiring employees to have their vitals checked. including their weight f they don't they may have to cough up $600 a year for health insurance. john, you say the so cost saving plan is going too far. >> this isn't hooters, girls have to look good in shorts serving wings
dollars in tax increases, that's just over the next decade. no republicans voting for the bill, four democrats voting against it. now goes to the house where it is expected to be shot down. senators recently voted down a budget plan passed by the republican controlled house. how about this. there is a lot of buzz over a possible meteor spotted last night. we have video for you from maryland. hundreds of people from north carolina all the way up to maine reporting a bright fire ball flash across the sky. a car dealership in d.c. claims to have captured it on security video. experts say the space rock is probably the size of a volleyball and burned up in the atmosphere. now you know. i'll see you again at 1:00 p.m. eastern. back to forbes on fox. >> too little too late for too many workers. a new report revealing 30% of young americans say they have no confidence they will have enough cash to retire comfortably. that is a record high. before we hear the forbes flip side on why we need to ditch social security listen to what they have to say. >> i save on my own. i don't trust social se
be close to passing a new online sales tax. the senate approved a nonbinding amendment that would allow states to collect sales tax from online retailers that are grossing more than $1 million. the vote mostly symbolic. but this could lead to further legislation. right now states can only tax internet sales if the retailer has a physical presence in their state. amazon customers here in california they already pay sales tax. >>> an investigation into contributors to a state political action committee is expanding right now. the huffing ton post reports the states fair political practices commission. that pack reported receiving $11 million for campaigns to defeat a tax hike backed by governor brown and to pass is a measure that would have curbed union spending on elections. california law requires contributors to state initiatives to be publicly disclosed. >>> most babies are fed solid food too soon. 98% of mothers say they give their baby's solid food before the age of six-hundredths. doctors recommend against solid food for at least six months because it's hard to digest. early introd
campbell ktvu channel 2 news. >>> lawmakers may be close to passing a new online sales tax. the senate approved a nonbinding amendment that would allow states to collect sales tax from online retailers that are grossing more than $1 million. the vote mostly symbolic. but this could lead to further legislation. right now states can only tax internet sales if the retailer has a physical presence in their state. amazon customers here in california they already pay sales tax. >>> an investigation into contributors to a state political action committee is expanding right now. the huffing ton post reports the states fair political practices commission. that pack reported receiving $11 million for campaigns to defeat a tax hike backed by governor brown and to pass is a measure that would have curbed union spending on elections. california law requires contributors to state initiatives to be publicly disclosed. >>> most babies are fed solid food too soon. 98% of mothers say they give their baby's solid food before the age of six-hundredths. doctors recomme
. >> reporter: well, every year the nfl asked for its employees to be exempt from paying the taxes for the super bowl. it adds up to millions of dollars. the city of santa clara believes it can recoup that lost revenue by being the post city -- host city. imagine in 2016 this being where the super bowl is held. hosting the super bowl gave new orleans a much-needed boost and they will finalize things tonight and city leaders have said they will comply with the request for nfl workers and team members. it works out to be about 19,000 beds we're talking about it. it's a standard demand but cities can choose to shoot it down like miami did in 2010. this year, miami will comply, it just announced. with all of the money the nfl rakes in, one man we spoke to said it can afford it. >> i believe that, you know, the people that go to the super bowl that can afford those tickets, the little bit of the price they have to pay, no big deal to them. the city should be able to reason the benefits -- reap the benefits. >> reporter: super bowl tickets would be exempt from surcharges. one raising $6 million and an
the taxes for the super bowl. it adds up to millions of dollars. the city of santa clara believes it can recoup that lost revenue by being the post city -- host city. imagine in 2016 this being where the super bowl is held. hosting the super bowl gave new orleans a much-needed boost and they will finalize things tonight and city leaders have said they will comply with the request for nfl workers and team members. it works out to be about 19,000 beds we're talking about it. it's a standard demand but cities can choose to shoot it down like miami did in 2010. this year, miami will comply, it just announced. with all of the money the nfl rakes in, one man we spoke to said it can afford it. >> i believe that, you know, the people that go to the super bowl that can afford those tickets, the little bit of the price they have to pay, no big deal to them. the city should be able to reason the benefits -- reap the benefits. >> reporter: super bowl tickets would be exempt from surcharges. one raising $6 million and another that would have raised $25,000 to fund
to tax private bank accounts up to 10%. and now citizens in cyprus are in panic mode rushing to a.t.m.'s. there's a run on banks there as people try to clean out their savings before the tax hits them. >>ainsley: this is to help bail out the cash-strapped country. something like this, could it happen in america? we're asking our guest stuart varney. good morning. >> theoretically, yes, it could happen here. if congress passes a law which taxes wealth -- that is a bank deposit -- yes, it could happen here. in practice, it will not happen here. >>ainsley: it will be a riot. >> plus america can print its own money. you can print dollars to get out of trouble if you're in extreme situations. cyprus uses the euro, somebody else's currency. >>brian: the problem is this is the deal they cut in order to survive. the e.u. gave them this money and said this is some of the austerity things you must do. >> cyprus is bankrupt. it needed an extra $13 billion to keep going. the europeans said we'll give you the money, but you've got to give some of it back from the deposits of everybody in the c
a tax hike, that drove us far into the red. but other numbers are more horrifying, roughly 800 americans lost limbs, many tens of thousands of more are fighting ptsd, dealing with traumatic brain injury, and the iraqis are still suffering. the wave of bombings in iraq marked the tenth anniversary. dozens died. this was last week, a bloody reminder of the human cost since march 19, 2003, when the first u.s. bombs fell. in the wake of 9/11, president bush and secretary of state colin powell made the case that saddam hussein was set to use weapons of mass destruction. the u.s. invasion was easy, but the mission was not accomplished by that may, even though some insist today u.s. forces did succeed. war planner douglas fife. >> saddam was in fact an extremely dangerous guy. >> martin dempsey. >> today we have in iraq a partner, not an adversary. >> reporter: but 2003 to 2008 was a nightmare of roadside bombs and civil war. a hard lesson. >> we went into iraq without a real plan for how to stabilize the place afterwards. >> reporter: 100,000 iraqis died. nearly 4500 americans lost their lives
patty murray's plan to raise taxes, increase spending and never come to balance. top republicans say it doesn't add up. >> that means more debt. fewer jobs. frankly much higher taxes from the american people. we certainly hope that the president will change his mind and submit a plan that actually balances the budget. >> the senate plans to vote on the dueling plans and a whole series of amendments tomorrow. democrats say they favor a balanceed approach and republicans say they back a budget. >> bret: mike emanuel live on the hill. dow lost 90. s&p 500 dropped 13. the nasdaq fell 32. cyprus is officially on the clock. european bankers have given cyprus four days to come up with a new plan to avoid bankruptcy. senior foreign affairs greg palkot tells us what the hurry is. >> anger outside of the cyprus parliament. bank employees are worried they will lose their job. the both would take measure to consolidate the troubled cypriot financial failure to protect the smaller deposito depositors, said to be part of plan "b" to contribute to multibillion dollar bail out by the country. >> the
's a tax. so theoretically, authorities have the authority to actually collect taxes on whatever. except it is being perceived as an ex appropriation of the savings. so -- but this is cypriot. this is a cyprus problem. don't extend it to the euro. the euro is not in danger because of what's happening in cyprus. nothing is going to happen to the financial system of the world because of what's happening in cyprus. we haven't had very enlightened series of decisions. since greece. and then we've bumbled a little bit, we've tumbled and is bumbled with spain and italy and now this cypriot thing is going to need a better design. >> so what is the design? what's the reasonable solution? >> well, one of the things is you don't have to affect the people who are below a certain threshold. now they're thinking about 20,000 or 50,000, whatever the threshold is. the conventional threshold used to be 100,000, but it doesn't have to be the case. the question is here. you really have to, you know, critters of the financial system have to take losses. you cannot make it a point. and this is the biggest m
than 4 5,000 jobs in the last two years. >>> they are paying corporate income taxes based here in and in income tacks and sever ron fuss -- chevron puts it overall on the biggest part of the list and it paid 31,000 dollars. >>> why oracle ceo larry ellison is being asked to reap in again. >>> and some are calling on twitter and the square for him to be a mayor. stay tuned. . >>> welcome back, time now 6:24, police are searching for a bank robber and here is a surveillance photo of the man on landis avenue two weeks ago. he passed note demanding money and he was a latino man, 6-foot tall, weighing between two and three hundred pounds. >>> bay area cities are using new technology to fight copper thieves. they are stealing it from traffic signals and bart tracks, and they get $400 for the recycling tenters and they are fitting 400 to identify where it is friend and they can get evidence about where that copper is stolen. >>> ellison brought the yacht race to san francisco where it will be held later this year and they have fallen short of their fundraising goal leaving san francis
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
one. give we give away money, about $1.2 trillion. everyone knows the tax code is a mess. economically inefficient. stacked off in times against the middle class. so if we can clean up the tax code that would be beneficial. second, healthcare issue is a very serious one. medicare costs are coming down but there's a demographic that awaits us. 10,000 folks a day are going on to medicare and it is not just medicare issue. it is a healthcare spending issue in this country that's tough on businesses, tough on individual. so if we can do something to help slow that rate of growth and confidently keep it down, that's beneficial for the broad economy. >> americans were according to polls, americans are strongly in favor of gun can control. recent poll, favor background checks. more than half favor banning assault weapons. over half favor banning large magazines. >> that's the reason i think the president is glad to be away from washington, away from congress. there is a level of dysfunction here. the power in this institution is enormous. it takes away from common sense steps. you have the fi
tomorrow morning. there's still no plan here. in fact, you heard about plan a which was to tax deposits. now we have heard that plan b has been rejected by the troika as well. cyprus government said to the troika, their european partners who they want them to lend money to, they said to them, listen, instead of taxing deposits why don't we do this instead. we have a pension fund, we'll raid it, take the cash, turn it into bond and we'll pay it back over time. the troika said that doesn't do anything for you. you still have liabilities. then they said we're also going it try to sell one of the bad banks. and the fact of the matter is if the bad bank were sellable, people like chris flowers and wilbur ross and tim collins would have been here a long time trying to buy it. they said maybe we'll split it up, divide it into the good bank and bad bank. we'll sell the good bank to the russians and the troika said selling the good bank is the easy part. what are you going to do with the bad bank? none of that is going to work. you will hear more about what the hopes are for russia from steve in
and the nfl is asking for its employees to be exempt from all local taxes and that would free members of the football team from paying a 9.5% hotel tax here in the bay area. one diehard fan said he does not think what the nfl is asking for is fair but he relishes having the super bowl here on home turf. >> reporter: now super bowl tickets will be here and one would have raised $29 million for senior programs. the city will also loose out and city leaders here say all could be made up and we did speak to them and they are expecting to find out why they asked for all of these requests. tara moriarty ktvu channel 2 morning news. >>> new details, a preschool in livermore was shut down following a series of allegations and it will not reopen any time soon. social services shut down the school on friday when they found two babies were swaddled too tightly. they also found one baby sleeping in a car seat and the other sleeping in a high chair. two employees are now banned from working at any state licensed childcare facility. >>> some counties may be sued for sending low-level offenders to c
and samsung's executive. the package includes tax breaks and equipment reimbursements. the city of austin, texas was offering similar incentives in an effort to get samsung to move there. >>> sal is back. don't tell me we have caltrain delays, sal. >> we do. as a matter of fact, we do. unfortunately, these delays to be for a while, tori and dave. this is because of a train, a northbound train, 211, apparently hit someone. this is reportedly. we're trying to confirm. northbound train 211 has hit a pedestrian in mountain view. we can go to the maps. i'll show you that the area here that's where the train travels can be delayed for the entire system. the freeway nearby, not all that busy. unfortunately, when there are major caltrain delays, some people choose to drive. you might want to think about that if you are driving on 101 or on 280. we'll get more information on this. this is just coming in. let's go to live pictures. that's backed up for about a 15, 20 minute delay. finally got some help for that stalled vehicle we were talking about, the tow truck is there at the bottom of the scree
reed and samsung's executive. the package includes tax breaks and equipment reimbursements. the city of austin, texas was offering similar incentives in an effort to get samsung to move there. >>> sal is back. don't tell me we have caltrain delays, sal. >> we do. as a matter of fact, we do. unfortunately, these delays to be for a while, tori and dave. this is because of a train, a northbound train, 211, apparently hit someone. this is reportedly. we're trying to confirm. northbound train 211 has hit a pedestrian in mountain view. we can go to the maps. i'll show you that the area here that's where the train travels can be delayed for the entire system. the freeway nearby, not all that busy. unfortunately, when there are major caltrain delays, some people choose to drive. you might want to think about that if you are driving on 101 or on 280. we'll get more information on this. this is just coming in. let's go to live pictures. that's backed up for about a 15, 20 minute delay. finally got some help for that stalled vehicle we were talking about,
's the thing. they were ready to tax everyone. i don't care if you would ten euro zone in the bank or a million euros in the bank, they were going to hit you with this tax. obviously that scares the heck out of people. >>alisyn: luckily it was shot down, that plan, because it was so controversial. how did europe react to all of this? >> it's interesting because i don't think the europeans were ready for this to happen. they hatched the plan over last weekend, the i.m.f., e.c.b. and the european union and i think they thought they had the votes. this puts them in a precarious position. the finance minister is in russia. russia gave them a bailout last year, low-interest bailout, almost three billion euros. a lot of this money belongs to russian businesses. but a lot of it legitimate businesses too. the bottom line is i don't know if that was supposed to make it politically correct to go in and steal money from everyone, including regular citizens. >>brian: the russians look like the compassionate ones. it's not fair to the people of cyprus to do this. they say that private gas company offered to
does george h. bush say? >> read my lips: no new taxes. >>anna: adorable. this pint-sized impersonator taking the internet by storm. >>brian: more people than ever are relying on food stamps. is our government getting the blame or the credit? the blame or the credit? a closer look next. look what mommy is having. mommy's having a french fry. yes she is, yes she is. [ bop ] [ male announcer ] could've had a v8. 100% vegetable juice, with three of your daily vegetable servings in every little bottle. advil pm® or tylenol pm. the advil pm® guy is spending less time lying awake with annoying aches and pains and more time asleep. advil pm®. the difference is a better night's sleep. with annoying aches and pains and more time asleep. gotta get that bacon! bacon?! bacooon! smokey bacon, meaty bacon, tasty bacon! bacon? ohh la laa. i say, is that bacon? oh! good heavens! bacon! bacon! who wants a beggin' strip?? me! i'd get it myself but i don't have thumbs!! mmm mmm mmm mmm mmmm it's beggin! mmm i love you... (announcer) beggin' strips...made with real bacon. there's no time like beggin' t
is it that allowed or condoned or suggested the idea that the lower threshold of 100,000 euros should be taxed? >> listen to the statement out of the european commission. one of the myriad of bureaucrats in brussels. the commission made it clear in the euro group meeting before and they capitalized before, the vote in the cypriot government that an alternative solution would be acceptable and preferably one without a levy on deposits below 100,000. the cypriots did not accept such an alternative scenario and they squarely placed the blame on the guys in the parliament building behind me. so we'll see what happens. the breaking point is at some point we're not going to keep stuffing the atms with money. and they'll have to figure it out and close down some banks, et cetera. >> i respect the detail that you've been through, but this market clearly believes that the deal will get done and the banks will get propped up with international aid. we're up 72 points on the dow. nobody in the market appears to be worried about it and we haven't seen a big move on bonds today. how do you reconcile that w
. the reasons include according to the study, low cost of living and tax breaks in special programs encouraging businesses to move there. >> it is 7:20. tiger woods is now explaining his decision to share photos of him and new girlfriend lindsay vohn. posted professionally shot photos of the two of them together. woods says it was to devalue any first photos of the couple the paparazzi would have tried to get. the photographers are ruthless and put his children in danger. >>> if you live on the peninsula, you will have a chance today to see the world series trophy. the san francisco giant's trophy tour stops at the san mateo city hall between 1 and 3 this afternoon. both the 2010 and 2012 trophies will be on display. the giants open the new season against the dodgers in los angeles coming up april 1st. the first home game is friday april 5th and that will be against the st. louis cardinals. >> a lot of people are ready. >> time is 7:21. patches of fog outside . look out our window. yeah. it's fog. clear skies are just ahead. steve is coming back. he'll take a look at your weekend weather and t
up, when they originally, why don't you tax depositors. this reduces that. secondly, it also protects everybody under 100,000 euros. everybody in both banks stays protected underneath the insurance threshold. now, who's going to end up getting taxed, levied, taking a haircut, anybody who's got over 100,000 euros in the account. they're going to probably suffer on-paper losses of 30 to 40%, maybe 50%. for that, they'll be given stakes in a new bank, in the new bank that will hopefully over time give them money or the wind-down of the assets of the old bank, the bad bank will pay them off over time. that's the situation. the employees are angry because they're worried they're going to lose their jobs. it's quite possible, because once you have two banks come together, what do you do? you get rid of branches, you have synergies in employment as the institution merges the together. the employees here are very, very angry about what they've heard. >> it's not the family. it's germany and other countries. they are not our friends. >> you want to leave the euro? >> yeah, of course. >> we are
. the senate to pass a budget. they have forced spending cuts. they are not moving on tax increases and the president has become forced to try to deal with republicans now soe they can come to some consensus how to move forward. that is why you see republicans moving up. they are showing leadership while the president was showing a permanent campaign basis. >> heather: i want to talk about the likeability factor of president obama. he is on this charm offensive. do you think that perhaps he is seeing the numbers that have been recently released the pew research center talking about his overall likeability. 47% of americans say they approve of president obama that is down four points from last month and 8 points since last december. i know you said, julie, that is not abnormal, that does happen during a second term. they go up and all of a sudden they go down but president obama's numbers have dropped more steeply than his predecessor. what do you make of that? >> look, people are fed up with what is going on in washington. when they voted, they said, look we'll resolve a lot of thin
people. you couldn't tax them enough because it's a very small place. they had to go after the banking system because it was so, so huge. we'll keep you updated. back to you. >> michelle caruso-cabrera reporting from nicosia today. >>> josh lipton with a market flash. >> hey there, tyler. check out apple which is moving higher here. i spoke to scott redler of t3 live who is long the stock. he said people have been getting antsy that an announcement on a dividend or buyback is coming. he also adds that technically the stock has been acting better. we had an initial move higher last week, held higher, digested those gains. now looks back in motion. traders want to see if we can take back 462, which is the 50-day, haven't been above that since october. if we can, then that would be constructive. apple up about 1.1% right now. tyler, back to you. >> thank you. >>> on the homefront, sales of existing homes now at their highest level in more than three years. mortgage rates remain near historic lows. they're a little higher than the most recent couple weeks. home prices moving up. diane dian
is table e united states is ashley united states is able to disengage even more in terms of tax dollars and present -- presence. to help in the recovery efforts of that country because we bombed the heck out of them. we destroyed the country. until we get to that point, then we are going to have to be , in many ways, invested in iraq, but only in a very limited sense. that is our duty, i think, as americans, but i would hope we would focus more on nationbuilding at home, economic security for our veterans. i would hope we would look at how to create jobs, preserve medicare, medicaid, and social security. i think those are the critical issues we have to turn to in our own country to make sure that americans achieve the american dream. when you look at poverty rates, for example. we need a national strategy to eliminate poverty. i'm working on that with many members now in the house of representatives. there is much work to do here. host: congresswoman barbara lee , inc. for talking to our viewers. i'm delighted to be here. host: coming up, we will talk to doug collins of colorado. later,
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